Impact of Regulations Under the Real Estate Settlement Procedures Act on Small Business: Hearing Before the Committee on Small Business, House of Representatives, One Hundred Third Congress, First Session, Washington, DC, July 1, 1993, Volume 4 |
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Common terms and phrases
affiliated companies allowed ASSOCIATION OF REALTORS bank Birmiel bonus rule borrower brokerage brokers/agents buyer Chairman LAFALCE charge CLO systems Coldwell Banker Committee competition computerized loan origination CONGR CONGRESS THE LIBRARY controlled business arrangements costs customers disclosure diversified companies employees entity escrow Estate Settlement Procedures final rule firms GE Capital homebuyers HomeView Housing and Urban HUD's independent issue kickbacks legislation LIBRARY OF CONGRESS loan officer loan origination systems marketplace Mortgage Bankers Association mortgage broker mortgage lenders mortgage loan National Association offer payment percent programs prohibition RARY real estate agents real estate brokers real estate professionals real estate services Real Estate Settlement referral fees regulatory Residential Express RESPA regulations RESS ROWLAND Section seller settlement business Settlement Procedures Act settlement service providers small businesses SPERA steer TASKER thing of value title agent title company title insurance transaction
Popular passages
Page 193 - No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.
Page 168 - ... (2) the payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed...
Page 168 - Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture.
Page 53 - ... business referred to the payor by the recipient is presumptively pursuant to an agreement or understanding. (d) Payment of thing of value for referral of business. Any person who gives and any person who receives any fee, kickback or thing of value that represents compensation for the referral of business incident to or a part of a real estate settlement service is in violation of section 8 of RESPA.
Page 204 - ... service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service. However, the offering of a package (or combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally available, and must not...
Page 204 - Provision of services involving hazard, flood, or other casualty insurance or homeowner's warranties; (12) Provision of services involving mortgage life, disability, or similar insurance designed to pay a mortgage loan upon disability or death of a borrower, but only if such insurance is required by the lender as a condition of the loan; (13) Provision of services involving real property taxes or any other assessments or charges on the real property; (14) Rendering of services by a real estate agent...
Page 131 - ... including ownership and financial interests.] Set forth below is the estimated charge or range of charges by [provider] for the following settlement services: You are not required to use [provider] as a condition for [settlement of your loan on] [or] [purchase or sale of] the subject property. You may be able to get these services at a lower rate by shopping with other settlement service providers.
Page 84 - HR 5568 before the Subcomm. on Housing and Community Development of the House Comm. on Banking, Finance and Urban Affairs, 97th Cong., 2d Sess. (Mar. 24, 1982). Page 33, footnote 53: Citation is to the personal papers of Richard T. Pratt, "Selected Speeches, Testimony and Interviews,
Page 177 - ... title underwriting business; that is, the producer's affiliate will contract with whatever title insurer offers the best deal to have all of its policies underwritten by that one insurer. Title companies controlled by producers have been steadily increasing in number since the passage of RESPA. They possess several anticompetitive features. One is that they encourage, on a new level, the type of activity sought to be eliminated by RESPA. As the producer's affiliate becomes established, competitive...
Page 61 - Department of Housing and Urban Development 451 Seventh St.. SW Washington. DC 20410 Re: HUD Policy Dear Secretary Hills: Equal Opportunity Your Office of Equal Opportunity requested cooperation from US Appraisal Societies by August 28, 1974 letter.